In this week's edition of The Protocol Newsletter, we’re unpacking the timeline of all the changes at the Ethereum Foundation this year.
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A Bitcoin wallet that had been inactive since the 2017 market peak has suddenly transferred approximately $383 million worth of cryptocurrency. The funds were moved to a newly created address rather than being sent to a cryptocurrency exchange. This suggests the owner has not yet sold the holdings, as exchange deposits typically precede a sale. The movement of long-dormant wallets often draws attention in crypto markets as it can signal potential large sell-offs.
Ether has outperformed Bitcoin in recent trading, posting stronger gains as ETF capital begins flowing back into the market. The rally in Ether has been largely driven by inflows into BlackRock's ETF product. Bitcoin recorded a comparatively modest gain of around 4% over the same period. The move does not reflect a broad crypto market rally, as major altcoins including Solana, TRON, and Hyperliquid all declined during the same stretch.
Bitcoin surged close to $65,000 after U.S. inflation data came in softer than expected, boosting investor sentiment across risk assets. The cooler inflation figures prompted a notable price bounce for the leading cryptocurrency. However, on-chain data revealed that two distinct groups of Bitcoin investors chose to sell into the rally rather than hold. This selling pressure from these cohorts suggests some market participants are using the price rise as an exit opportunity. The divergence between price momentum and on-chain behavior signals a cautious undercurrent despite the headline gains.
Jesse Pollak, a key figure at Coinbase, is stepping back from his leadership role overseeing the Base app. Pollak acknowledged that his crypto social strategy had not succeeded as intended. He announced that Jordan Fish, widely known online as 'Cobie,' will take over leadership of the Base app team. The transition marks a notable shift in direction for the Base project under new management.
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